Before the game between the Washington Football Team and the New York Giants in the FedEx area of the landover on November 8, 2020, WFT owner Dan Schneider, center.
John McDonnell | W. Washington Post | Getty Images
Dan Schneider, owner of the Washington Washington Football Team, is close to buying a minority stake in his club for more than $ 800 million, The New York Times reported Wednesday.
The Times said Schneider would seek approval from National Football Debt League owners to borrow National 450 million to buy the remaining 40.5% stake in the club for 875 million. The move would give Schneider full control of the team.
NFL owners are due to vote on Schneider’s debt request next week.
The transaction is subject to the approval of one-fourth of the full membership of 24 of the 32 clubs, the NFL said in a statement. “The annual league meeting is scheduled for Tuesday and Wednesday, at which time there will be a vote.”
The owners of the minority shares include FedEx CEO Frederick Smith, who forced the team to rename him last year. The sponsors of the team, including Bank America of America, Nike, Pepsi and FedEx – which owns the rights to the team’s home stadium in Maryland – came out against the previous team’s name. This prompted 56-year-old Schneider to change his name.
The issue was a rocky piece centered around 2020 centered around alleged misconduct in the club’s workplace.
The team is under independent investigation by attorney Beth Wilkinson following allegations in a summer report in the Washington Post last summer that female employees were sexually harassed and abused.
Jason Wright
Source: The Washington Washington Football Team
Schneider appointed Jason Wright as the president of the NFL’s first black team, replacing Bruce Allen. In an interview with CNBC last August, Wright said the team would repair its damaged image.
“I’m glad we’re where we are now,” Write said. “I think we’re in the right place.”
The team made the playoffs for the first time since last season 2015, when NFC wildcard game eventually fell to Super Bowl champions Tampa Bay Buccaneers.
Snyder bought the team in 1999 for 800 million. According to Forbes, the club brings in about 500 500 million in annual revenue.
Read more about Schneider’s move to take possession of the team in a New York Times report.
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